This very large three apartment multi family home is located in North Broadway which is just 4.7 miles from Downtown Cleveland. This property is also just half a mile and just two minutes from Slavic Village one of the most demanded areas in Cleveland. The property has just been made rental ready and all three apartments will be tenanted by the time the new owner closes on the property. One tenant will be paying $500 each month and the other 2 apartments will both be $450 each month. The property is under management by a great local Cleveland property management company.
North Broadway is viewed as a very central location in Cleveland Ohio, it is just 4.7 miles miles from Downtown and 4.4 miles from University Circle. The property is also less half a mile from Slavic Village. Slavic Village is going through large development projects. This is one of the most up and coming areas in the City and in huge demand by investors.
Purchase price: 59,900
Gross annual rental income: $16,800
Property running costs: $3,746
(Tax, insurance and management costs)
Net annual rental income: $13,054
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 22%